Payroll processing and management is one aspect of running a business that can be the most challenging for Human Resources and payroll staff. Payroll management has rules and regulations that are change quite often and will vary from state to state. As the payroll management and process can be one of the more challenging aspects of running a business, it therefore also leads to a number of financial problems as well. Mark Dicus & Company would like to share some of the common mistakes of payroll management and processing and why having a professional accounting and bookkeeping service can help you with your business’s payroll processing and filing. When it comes to payroll processing and filling there can be endless mistakes made that can cause major problems for the business and their employees. Today, we would like to focus on the more common mistakes to better help your business succeed. For a business owner, below are the most common payroll management mistakes:
Payroll Document File Organization
One of the first mistakes that so many make is to have a messy office. As a business owner you will want to keep all of the payroll documents properly stored and organized. Loose or misplaced payroll documents can lead to a payroll nightmare. When starting a business, you will want to have a place dedicated for your physical payroll documents. Additionally, make sure to have an easy way to log and keep track of all of the payroll documents to ensure each document goes to the right place. As a business owner, do not make the mistake of failing to properly organize all payroll documents.
Payroll Setup & Software for Small Business
Another common mistake made is not investing in a good software payroll program. You do not only want to have a well-organized office to keep track of your physical payroll documents. You will also need a good software program to help you manage payroll digitally. When investing in a payroll program make sure to do your research. Not all programs are compatible with your business’s needs. If you run into too many payroll errors, you may want to rethink your software and payroll program.
Employee Attendance Tracker
Do you manually track each employee’s sick days or vacation time manually? Well you shouldn’t. One of the common mistakes is having a manual tracking system for all of your employee’s sick days or vacation time. Many businesses will use a time card or digital time sheet which can lead to misuse or a number of unintended errors. It is important that the business runs with optimum productivity to ensure success. To avoid misuse of sick days or vacation time, never have a manual tracking system.
Payroll Deductions
For a business and its payroll staff, processing an employee’s payroll deductions is one of the more complex parts of payroll processing. This is because there are a number of state and federal laws that are applied to deductions which leads to more errors.
Bookkeepers, Accountants, Tax Planning Strategists & More in Summerlin, North LV, Henderson, Lone Mountain Village & Greater Las Vegas, Nevada
As there are many other common errors that can occur it is recommended to seek professional help with your business payroll processing and filing to help ensure you avoid these all too common mistakes. For help with payroll processing and filing, contact Mark Dicus & Company today.